After months of debate, the National Association of Realtors says it is giving home sellers more options when it comes to marketing their properties.
The trade group introduced a new rule Tuesday coined “Multiple Listing Options for Sellers.” That policy creates more choice for sellers and their agents when it comes to putting listings on the Multiple Listing Service or the MLS, the locally run online platforms where agents share properties for sale.
Under the new rule, sellers can opt to have their agent delay sharing all of their properties' data with other members of the MLS for a set period. That delay time will be at the discretion of each MLS.
The policy comes after months of debate about an existing MLS protocol known as the Clear Cooperation Policy. That rule was implemented in 2020 and requires that listing agents enter all properties in the MLS within one day of beginning any marketing to the public. For example, an agent has 24 hours after putting a “For Sale” sign in a client’s front yard to share that property on the MLS.
It’s a policy that’s created friction among industry leaders, some of whom argue that it is anticompetitive and limits homeowner choices, and it’s even garnered attention from the Department of Justice.
NAR President Kevin Sears said Tuesday’s announcement was the result of “a comprehensive review” of the Clear Cooperation Policy.
“These policy changes allow for greater choice for sellers in marketing their properties while considering buyers’ need to access information through MLSs,” he said in a statement.
Robert Reffkin, CEO and founder of real estate brokerage Compass and one of the loudest critics of Clear Cooperation Policy, said the new policy is an acknowledgement from NAR that the original policy was restricting sellers.
"Expanding choice means that NAR is still not letting homeowners choose precisely how to market their homes, but this is a small step in the right direction," Reffkin said in a statement. "MLSs shouldn’t restrict how homeowners market their homes at all, but by providing them with a longer period of unrestricted public marketing, like 30 days, MLSs reduce their legal risk and homeowners gain more choice that they need and deserve.”
Two paths for marketing a home
The “Multiple Listing Options for Sellers” policy outlines two alternatives for sellers listing their properties on the MLS instead of immediately jumping to public marketing and syndication with other platforms.
The first is an office exclusive exempt listing that is neither publicly marketed nor shared on the MLS until a “public marketing trigger,” such as putting up a “For Sale” sign. After that, an agent has one day to list the property on the MLS so it can be shared and syndicated.
The second option is a new classification in the MLS known as a “delayed marketing exempt listing.” Properties in that category will be immediately available on the MLS but will be marketed by the listing agent and firm for only an allowed period set by the MLS. After that period, the property enters the public MLS.
Both alternatives require a signed disclosure of agreement from the seller to the agent.
All told, the new policy was the best move for buyers and sellers, according to Anthony Lamacchia, CEO and founder of Lamacchia Realty and a supporter of Clear Cooperation Policy.
"I applaud NAR for doing that by standing up strong in the face of threats and a lot of noise being made by some for selfish reasons," he said in a statement. "The exemption for delay on sharing... seems to give sellers some leeway, which is good. Insisting on a disclosure being signed by the seller is smart to be sure sellers are fully informed.”
Another supporter of Clear Cooperation, CEO of brokerage eXp Realty, Leo Pareja, said, "the preservation of cooperation is a win for consumers."
"The highest value a seller can receive comes from exposing their property to as many buyers as possible," he said in a statement. "While there are always exceptions—and sellers have always had the right to choose—I do believe that if a seller prefers not to have their property advertised, they should absolutely have that option."
